EURUSD Sustains Downside Bias to 1.2053 Level Amid Increased COVID-19 Vaccine Roll-Out

EURUSD Sustains Downside Bias to 1.2053 Level Amid Increased COVID-19 Vaccine Roll-Out

EURUSD Price Analysis – January 18

The EURUSD has been struggling to recover as it sustains its downside bias to 1.2053 on Monday while still at the lower ground after tumbling last week. President-elect Joe Biden enters the White House on Wednesday and is set to advance his $1.9 trillion stimulus plan – and also a massive covid-19 vaccination campaign.

Key Levels
Resistance Levels: 1.2350, 1.2240, 1.2150
Support Levels: 1.2011, 1.1900, 1.1602
EURUSD Long term Trend: Ranging
In terms of daily time frame, EURUSD looks vulnerable and consolidation beneath 1.2000 could create a scenario for further declines. Deviation from levels above 1.2100, the upper border of a wide range, may accelerate. The daily exit beneath the moving average 5 and 13 could approach the 1.2000 level.

Following the fall, EURUSD faced relative resistance in the 1.2125 moving average 5 price zone, where it set intraday highs on Jan 15. Further advance beyond the mentioned resistance area exposes the pair to year-on-year highs from 1.2200 to 1.2350 high.
EURUSD Short term Trend: Ranging
Following the rejection from the 1.2220 regions, the corrective downside in EURUSD could extend initially to further lows in the 1.1900 regions ahead of the contention area near the 1.2011 level. Intraday bias in EURUSD stays in a range as consolidation from the 1.1602 level is still in progress.

On the upside, the breach of the 1.2150 level may validate the scenario that consolidation from the 1.2011 level has finished at 1.1612 level. A further increase would be seen to retest 1.2014 high level. Meanwhile, a breach of the 1.2011 support level may shift bias to the downside to extend the range with another declining phase.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.